Oil prices tumbled about 3 percent on Thursday as OPEC reportedly agreed to cut production, but ended its closely-watched meeting without a decision on how much crude the cartel will take off the market. OPEC agreed in principle to cut production during a meeting at its headquarters in Vienna, Austria on Thursday, two sources told Reuters. However, the cartel delayed a decision on specific quotas until it consults Russia on Friday. OPEC began capping supply in partnership with Russia and several other nations last year in order to end a punishing downturn in oil prices. However, Moscow has not yet specified how much it will cut production during the fresh round of supply caps that is now under consideration. “This is obviously a big disappointment to the market,” said John Kilduff, founding partner at energy hedge fund Again Capital. “It certainly gives the appearance of disarray within the cartel — and disunity more than unity for sure.” International benchmark Brent crude fell $1.77, or 2.9 percent, at $59.79 a barrel by 2:22 p.m. ET, after falling to a session low at $58.36. U.S. West Texas Intermediate crude ended Thursday’s session down $1.40, or 2.7 percent, at $51.49, bouncing from […]
